Today, people around the world have met the assets of assets per day with up to billions of dollars. Although most people remittated in digitally, these transactions still have seriously dependent on paper transactions.
In the financial environment, the banker still retains financial taxation. However, if there is a database with a classified quality, you can record the transaction and log in real-time and registration. If this system does not need to time consuming third party verification? This is the block chain technology, and This technology is infiltrating into the financial field.
The block chain provides a bank with a deposition. All transactions of a financial institution are stored in a computer that is controlled accessed, thereby creating a trace that anyone cannot edit or delete. When financial institutions use block chains, the technology will take over most of the workflows, including record storage, equity management, debt management, and network security.
When is the block chain enter the financial field?
There are almost simultaneous block chains and bitcoin. Financial institutions have not been prepared to join this trend, but they have done it later. In 2015, Nasdaq used their platform LINQ to conduct district block stock trading. This first transaction enables financial institutions likely trusting the block chain and find ways to enter the technology.
There is no doubt that NASDAQ has opened the door to bank and financial institutions to use the block chain technology available at any time. Using the block chain will reduce the bank’s operating cost by more than 25%. After Nasdaq, several banks use block chains, including:
JPMorgan Datong (New York Stock Exchange Code: JPM) – their platform Quorum is committed to the zone chain development. The system handles a series of transactions and services, including stock trading and intelligent contracts. Goldman Sachs (CRYPTO: GS) – high circle is a project that explores digital currency and high SS technology. Goldman Sachs seeks to reduce the volatility of encrypted currency and let more people accept digital currencies. Bank of America (New York Stock Exchange Code: BAC) – The bank created a network-centric network for saving all bank records and verified data from business and personal customers. Only the authorized person can access the entry of the classified account and its record. In the future, with the increasing maturity of block chain technology, it is believed that there will be more and more financial institutions use block chain technology in its operations.